About
Zanaco
OUR HISTORY
National Commercial Bank Limited originated from the dictates
of the 1967 and 1968 Economic Reforms which the government
promulgated in order to put the economic destinies of this
young and dynamic nation increasingly in the hands of Zambian
citizens.
Soon after independence, there was a general
feeling among the leaders of this country that suitable
Banking facilities for the common man were not available
and that this situation was unnecessarily retarding the
economic development of the country. At the time, Zambia
had four different banks operating throughout the country
with their own restricted branch network. These banks were
mainly staffed by foreign nationals. They did not cater
for the entire needs and circumstances of a fast growing
economy like Zambia. It was this which prompted the need
for the establishment of National Commercial Bank.
The Bank was incorporated on 21st August,
1969 and opened its doors for business on 15th October,
1969 with members of staff drawn mostly from the Bank of
Zambia. It started operations with only one branch situated
in temporary rented premises. The total number of staff
at the time was 20.
The Zambian Government acquired a controlling
interest in the Commercial Bank (Zambia) Limited which was
subsequently amalgamated with the National Commercial Bank
Limited. In March 1978, the name of the Bank was changed
to Zambia National Commercial Bank Limited and has since
been universally known to Zambians as Zanaco.
Over the years Zanaco has grown to be one
of the leading banks in Zambia in terms of customer deposits,
total assets and points of representation. Zambia National
Commercial Bank Plc was partially privatised in April 2007
when Rabobank, from the Netherlands, acquired 49% of GRZ's
interest in the Bank. Zanaco was listed on the Lusaka Stock
Exchange in 2008 and with over 50% of the shares owned by
Zambians, is considered 'Citizen Owned'. Its financial and
operational performance has consistently improved since
privatisation confirming Zanaco's position as one of the
leading Banks in Zambia.
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